Positive reports on offshore, onshore blocks
BPZ Energy provided an update on its multi-well development drilling campaign at Block Z-1 offshore as well as the onshore exploration program at Block XXIII. The drilling program covers the 51%-owned Z-1 offshore block, which includes Albacora and Corvina fields, and 100%-owned XXIII onshore block.
President and CEO Manolo Zuniga commented, "I'm excited to have entered 2014 with good well results at the Albacora A-18D well, boosting current Block Z-1 gross production levels in excess of 4,900 barrels of oil per day, of which we have a 51% interest. We look forward to continued production growth as we drill additional Z-1 development oil wells. On the exploration front, I am pleased that we have started drilling onshore at Block XXIII, and plan to drill onshore at Block XXII later this year where we are targeting both conventional and non-conventional oil plays. In the meantime, preparations are ongoing to drill the selected offshore Block Z-1 exploration prospects mapped with the new 3D seismic."